Report
Research Team

WOOD Daily: COTE RO; YKBNK TI; OTKAR TI; TNB MS; KCEL KZ; GR Banks; TLV RO; KTY PW; HTO GA; CZ Macro; EA Macro; GE Macro; BNET RO; FP RO; TEN PW; HUGE PW; AYGAZ TI; EME Macro/Strategy; RICHT HB

HEADLINES:
• Conpet: no growth in sight (SELL - transfer of coverage)
• Yapi Kredi: 2Q21 highlights - business continuing
• Otokar: 2Q21 results - strong beat, led by an improved sales mix and deferred tax income POSITIVE
• NLB Banka: 2Q21 results review - supportive numbers, with ROE reaching 15.9% POSITIVE
• Kcell: 2Q21 - adjusted EBITDA up 20% yoy, 2% above our expectations NEUTRAL
• Greek banks: results of the EBA stress test
• Banca Transilvania: proposal for RON 500m in dividends
• Kety: hikes 2021E EBITDA guidance by 12% and 2025E EBITDA forecast by 10% POSITIVE
• OTE: price for 30% stake in Romanian mobile business to be close to book value NEUTRAL
• Czech Republic macro: 2Q GDP below the consensus
• Euro area macro: real GDP +2% qoq in 2Q
• Germany macro: marginally below the consensus, but in line with our overall 2021E view
• Bittnet Systems: announces EGM to approve new M&A of up to RON 200m NEUTRAL
• Fondul Proprietatea: energy minister sees Hidroelectrica listing in 2H22E
• Ten Square Games: USD 9m in bookings in July 2021 vs. USD 9m in June 2021 NEUTRAL
• Huuuge Games: USD 20m bookings in July 2021 vs. USD 21m in June 2021 NEUTRAL
• Aygaz: new agreement with McKinsey mentions possible Aykargo IPO
• EME Macro/Strategy: July - cooling tempo
• Richter: 2Q21E preview (due out tomorrow)
• Short News (ANY, 4iG)
Underlyings
Aygaz A.S.

Aygaz is a liquefied petroleum gas (LPG) distribution company operating in a range of environments from cylinder production to marine transport operations. In its core business field, Co. distributes LPG as autogas, cylinder gas, and bulk gas, manufactures and sells LPG cylinders, tanks, valves and regulators, and also markets LPG-operated devices. Co. also sells and produces LPG devices and engaged in the maritime shipping of LPG. In the cylinder gas segment, Co. operates all over Turkey in points of sale under the brands of Aygaz, Mogaz and Lipetgaz. Co. has three segments: gas and petroleum products, electricity and other operations.

Banca Transilvania S.A.

Bittnet Systems

Conpet SA

Fondul Proprietatea S.A. GDR (Reg S)

Grupa Kety SA

Grupa Kety is an aluminum industry company based in Poland. Co.'s operations are organized in three business segments: Aluminum Extrusions, Aluminum Architectural Systems and Flexible Packaging. Co. offers aluminum extrusions in different shapes, bars, tubes and wires of aluminum and its alloys, which are used in the construction & building, advertising, indoor fittings, transportation, automotive industry, white goods, machinery engineering and electrical engineering. Co.'s Aluminum Architectural Systems produces aluminum joinery, realizing investment projects and selling systems. Co.'s flexible packaging segment offers packaging made of aluminum foil, films and paper.

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

Kcell Joint Stock Company

Otokar Otomotiv ve Savunma Sanayi A.S.

Otokar Otomotive Ve Savunma Sanavi is engaged in the import, manufacture, assembly, sale and export of bodies, engines, and all other components of all kinds of land, sea and air defense vehicles, as well as security vehicles, commercial buses, trucks, minibuses, midibuses, panel vans, cross-country vehicles, etc. Co.'s primary focus is on the production of Land Rover 4x4 and minibuses.

Ten Square Games

Ten Square Games SA is a Poland-based mobile games development company. The Company is focused on 3D simulation hobby games for people who seek outdoor experiences on their mobile devices, like fishing or hunting games. Its games are available on social platforms, a network of partner sites, as well as on Google Play, App Store and Microsoft Store.

Yapi ve Kredi Bankasi A.S.

Yapi Ve Kredi Bankasi is a financial services group. Co. serves its customers through its retail banking segment comprising of individual banking, Small and Medium Size Enterprises banking and card payment systems, corporate and commercial banking as well as private banking and wealth management segments. Co.'s operations are supported by domestic subsidiaries in asset management, brokerage, leasing and factoring as well as international banking subsidiaries in the Netherlands, Russia and Azerbaijan. As of Dec 31 2014, Co. had total assets of TL194.96 billion and total deposits of TL107.63 billion.

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
Research Team

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